According to a circular to virtual asset service providers and stakeholders in the financial services industry, the apex bank said the regulations are meant to promote responsible innovation, strengthen the integrity of the Nigerian financial system and provide an appropriate framework for emerging digital payment instruments.

The CBN said the regulations are issued under the CBN Act, 2007, the Banks and Other Financial Institutions Act, 2020, and other applicable laws. It described them as a comprehensive, risk-based framework covering the licensing, authorisation, regulation, supervision and oversight of non-security virtual assets in Nigeria.

The framework covers stablecoins, Deposit Money Tokens, virtual asset service providers, virtual asset payment services, platform-facilitated peer-to-peer services, and custody, transfer, remittance, clearing and settlement activities.

The regulations also set requirements on the classification and designation of regulated tokens and activities, and on the licensing of issuers and providers of non-security virtual asset services. Other areas covered include capital, reserve-backing, liquidity and redemption; corporate governance, risk management and internal controls; and technology risk, cybersecurity and operational resilience.

They further address the safeguarding of reserve and customer assets; customer protection, disclosures and complaints management; and anti-money laundering, counter-terrorist financing and counter-proliferation financing obligations. Sanctions screening, transaction monitoring, blockchain analytics, Travel Rule compliance, counterparty due diligence, regulatory reporting, supervisory access, information sharing, enforcement, administrative sanctions and orderly wind-down arrangements are also included.

The CBN said the regulations apply to persons carrying out regulated activities in or from Nigeria, those directing such activities at persons in Nigeria, and those whose activities may materially affect the country’s payments system, financial system, foreign exchange market or financial stability. They may apply whether or not the person has a physical presence in Nigeria.

The apex bank said the regulations do not displace the statutory mandate of the Securities and Exchange Commission or any other competent authority. Activities involving security virtual assets, securities, investment contracts or other capital-market products remain subject to the capital-market regulatory framework. Where an activity involves both non-security virtual assets and matters under another authority’s mandate, approvals must be obtained from each competent authority.

All affected institutions, issuers, service providers, operators, promoters and other stakeholders are required to familiarise themselves with the regulations and comply fully with the applicable requirements.

The regulations take effect from November 5, 2026. The circular was issued by the CBN’s Payments System Policy Department.

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The conference, scheduled for Friday, November 20, 2026, at the Balmoral Convention Centre, Sheraton Hotel, Ikeja, Lagos, will be held under the theme, Building Insurance That Connects.

It will bring together industry executives, regulators, technology leaders, investors, entrepreneurs, and other stakeholders to examine the business models, partnerships, and technological capabilities required to make insurance more accessible, relevant, and responsive to the needs of individuals and businesses.

emPLE Nigeria, operating through emPLE General Insurance Limited and emPLE Life Assurance Limited, joins as a sponsor for the second consecutive year. The company aims to become one of Nigeria’s leading insurance groups and continues to build protection solutions for individuals, families and businesses, paying over ₦7 billion in claims in 2025, proof that claims delivery builds public trust and shows what insurance is worth.

Tangerine General Insurance brings over seven decades of underwriting experience to the industry, with a portfolio covering motor, fire, marine, personal accident and other individual and commercial risks. The company has also pursued a strategy centred on digitisation and retail market expansion, positioning technology and customer access as critical factors in its business development.

Commenting on the sponsorship announcement, Odion Aleobua, Convener of Insurance Meets Tech and CEO of Creato Urban, said. “We are pleased to welcome emPLE Nigeria and Tangerine General Insurance to IMT 5.0. Their participation adds valuable industry experience to the exchange we are building around the future of insurance. As we bring insurers, technology companies, regulators and business owners together, our focus is on identifying the connections that can turn the industry’s renewed capacity into solutions people and businesses can readily access, understand and trust.”

Their sponsorship adds to the growing list of organisations supporting the platform’s milestone edition, including Leadway Assurance as Official Insurer, CubeCover as Official Digital Insurer, and Vitse Technologies as Official Technology Partner.

Through its annual conference, Insurance Meets Tech continues to bring together the people and organisations shaping the relationship between insurance, technology and the wider economy, focusing on the practical decisions, partnerships and innovations required to connect insurance more meaningfully with the people it serves.

Registration is now open to insurance professionals, technology practitioners, business owners, entrepreneurs, investors, and other interested participants. Kindly visit https://tix.africa/discover/insurancemeetstech/ to register.

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Of this amount, ₦1.59 billion covered 1,162 death claims, while ₦7.37 billion went towards 4,824 annuity payments to retirees under the company’s annuity policy. In total, the company made 5,986 payments during the year, with the value paid rising by 68.3 per cent from ₦5.33 billion in 2024.

The steady increase in both the value and volume of payments reflects the growing scale of the business and its ability to meet a rising number of policyholder obligations. It also highlights the importance of having the financial capacity and processes to support customers when their policies become payable.

Commenting on the 2025 performance, Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance, said, “Behind every payout is a family, a retiree or a beneficiary we have been able to support at an important moment. Five years ago, we paid ₦358 million in claims and annuity benefits. In 2025, that figure was ₦8.96 billion, more than 25-fold growth. Death claims have grown more than eightfold in value and more than twentyfold in number over that period, while annuity payments have grown more than 40-fold in value and nearly ninefold in number. That growth reflects both the scale the business has reached and the responsibility that comes with serving more customers, a responsibility we take seriously.”

Sustaining this level of payment activity has also required continued attention to claims administration and customer service. Stanbic IBTC Insurance has strengthened its claims assessment processes, customer communication and operational controls to support the dependable payment of valid claims. The company remains focused on providing clear policy information, accessible service channels, timely claims communication and prompt settlement of valid claims.

The performance comes as the company moves into its next phase of growth following a successful recapitalisation exercise, which has strengthened its capital position and enhanced its capacity to build on this foundation.

The strengthened capital base will support investment in policy administration, claims management and customer service infrastructure, while creating greater capacity to expand the company’s life insurance and retirement income businesses. This growth will continue to be pursued alongside prudent underwriting and risk management.

“Having paid over ₦20 billion in claims and annuity benefits over the past five years, our successful recapitalisation puts us in an even stronger position to build on this progress. It gives us greater capacity to serve more customers, grow our life insurance and retirement income businesses, continue meeting our obligations to policyholders as the business expands, while maintaining the discipline and service standards they expect from us,” Orimolade added.

As Stanbic IBTC Insurance enters its next phase of growth, the company said its priority remains supporting customers throughout their policy journey, from providing clear information at the point of purchase to ensuring prompt and dependable payment when a claim or annuity becomes due.

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The 40th edition of the fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), will be held at Tafawa Balewa Square, Onikan Lagos, and will run till 15th November 2025.

As Official Insurer, Leadway Assurance will provide seamless insurance solutions and personalised consultations to exhibitors and visitors throughout the ten-day fair.

Speaking on the partnership, Kikelomo Fischer, Executive Director, Retail & Partnerships at Leadway Assurance, said the renewed partnership reflects the brand’s dedication to supporting and protecting enterprises and businesses in Nigeria.

“At Leadway Assurance, we have a deep belief in the power of enterprise, especially small and growing businesses, the engine of the Nigerian economy, who duly deserve partners that stand with them as they build.

Returning as Official Insurer of the Lagos International Trade Fair for a second year clearly shows how invested we are in the growth of SMEs. The fair brings thousands of entrepreneurs, buyers and investors together, and we are proud to protect that ambition while helping businesses understand how the right cover safeguards their goods, their people and their future.”

She added that the fair also offers Leadway Assurance a valuable opportunity to engage business owners directly, listen to their needs, and introduce solutions tailored to the realities of running a business in Nigeria.

“Our presence at the fair gives us a platform to engage and listen to thousands of business owners and customers, each with unique pain points. That insight allows us to develop products tailored to their needs. It is something we look forward to, because it reflects our ethos of listening first and curating solutions from real engagement with prospects and customers,” she concluded.

Leadway’s support for small businesses extends well beyond the trade fair. Through the Leadway Media Dash, the Group has given SMEs free access to media visibility and promotional support, helping entrepreneurs reach new customers and grow their brands.

The initiative also birthed the recently concluded Leadway Lifestyle Fair, which brought together 100 SMEs and over 10,000 visitors and was widely hailed as a major success for participating businesses, many of whom recorded strong sales and new customer connections. 

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The government made its position known through the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, at the 2026 Insurance Directors’ Conference, themed “Recapitalisation to Resilience: Leading the Risk-Based Capital Era.” The conference was organised by the College of Insurance and Financial Management (CIFM).

The minister, who was represented by Dr. Greg Ugochukwu Ezeilo, Special Adviser on Fiscal Risk Management and Sustainability, said a resilient insurance industry is indispensable to the country’s economic transformation.

He described insurance as more than a mechanism for compensating losses, calling it an instrument for mobilising long-term capital, enabling productive investment and protecting livelihoods. He said the economy needs an insurance sector able to underwrite emerging risks, support infrastructure financing and strengthen agricultural productivity.

On the transition to risk-based capital, he said insurers must align their capital with the nature, scale and complexity of the risks they take on. He also called for a more forward-looking approach to governance, investment decisions, underwriting practices and enterprise risk management.

“Capital without governance is vulnerable,” he said. He added that governance without accountability is ineffective, and that insurance without public confidence cannot fulfil its economic value.

According to him, the transition places heightened responsibility on insurance company boards. He said directors must move beyond passive regulatory compliance to active oversight and ensure that risk appetite, capital allocation, corporate strategy and institutional capacity are consistently aligned.

He set out five priorities for the industry. The first is strong governance, with visible leadership at the top, independent oversight and transparency, noting that public confidence remains the industry’s most valuable capital. The second is wider access, with affordable, accessible and relevant products for households, small businesses, farmers and underserved communities, so that insurance becomes an everyday instrument of economic security rather than a privilege of a limited market segment.

The third is directing the industry’s long-term funds, under prudent investment frameworks, towards productive investment, infrastructure financing and sustainable economic growth. The fourth is technology and innovation, including big data analytics, machine learning, artificial intelligence and innovative underwriting models, supported by robust cyber security, consumer protection and operational safeguards. The fifth is building capacity to handle emerging risks such as climate-related disruptions, cyber threats, changing demographics and increasingly interconnected financial markets.

He said the Federal Government remains committed to a stable, competitive and inclusive financial ecosystem in which insurance contributes meaningfully to national economic development. He recognised the National Insurance Commission’s role in strengthening regulatory standards, protecting policyholders and guiding the industry through the transition.

He said sustainable reform requires collaboration among regulators, operators, investors and government, and urged stakeholders to see the transition not simply as a regulatory exercise but as an opportunity for strategic transformation.

The ultimate measure of success, he said, is how effectively the industry helps Nigerians absorb shocks, builds confidence and finds progress.

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The Commissioner for Insurance/Chief Executive of NAICOM, Mr. Olusegun Ayo Omosehin, disclosed this at the 2026 Insurance Directors’ Conference in Lagos, themed “Recapitalisation to Resilience: Leading the Risk-Based Capital Era.” The conference was organised by the College of Insurance and Financial Management (CIFM).

According to him, board members are expected to ask difficult questions and challenge management for the better.

He listed strategic leadership and oversight, capital stewardship, risk governance, management accountability, internal control and assurance, and board composition and effectiveness as some of the responsibilities he expects boards to own.

He said shareholder interests must not override prudential considerations or undermine board independence.

He also stressed Fit and Proper requirements, saying governance “begins with people” and that appointments should be driven by competence, character and capability, not status or relationships.

He noted that the end of recapitalisation marks the start of a more demanding phase, defined by how capital is governed, protected and deployed rather than by its size.

On the role of the regulator, he explained that the Minimum Capital Requirement sets the baseline, while Risk-Based Capital also considers the risks an institution assumes. “An insurer may meet the minimum and still hold insufficient capital for its risk exposures,” he said.

He said NAICOM will increasingly emphasise the quality of capital, risk management, governance effectiveness and the accuracy and timeliness of regulatory returns. He added that successful recapitalisation “does not confer permanent immunity from regulatory scrutiny.”

He also urged insurers to turn stronger balance sheets into economic relevance, including deeper insurance penetration, financial inclusion, long-term institutional investment and prompt, fair claims settlement.

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Adesina disclosed this while presenting his paper, “The Role of Directors in Upholding Governance Standards,” at the 2026 Insurance Directors’ Conference in Lagos. The conference was themed “Recapitalisation to Resilience: Leading the Risk-Based Capital Era.”

He said the idea was made known to him by the Commissioner for Insurance, Mr. Ayo Omosehin, and that he had thought it over and accepted.

“As I reflected a lot on these things overnight as well, I wanted you to know where I stand on this issue. And, Mr. Commissioner, I accept that,” he said.

He said he is ready to work with the industry to attract foreign partnerships to help it grow.

Adesina also warned that insurance money is not government money but policyholders’ funds, which must be channelled to the right sources.

He called on the institute to produce a new generation of insurance leaders capable of managing increasingly complex institutions and competing effectively in a rapidly changing financial environment. To achieve this, he said, “we must attract talented young Nigerians into the profession and establish credible succession pathways for leadership positions.”

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The unaudited results reflect stronger earnings, improved insurance service performance, higher investment returns and a substantially strengthened balance sheet. The performance signals meaningful progress in the Company’s drive to build a resilient, competitive and growth-focused insurance business.

Q3 2026 PERFORMANCE AT A GLANCE

A key feature of the period was the improvement in the Company’s core insurance service result, which increased by 9% to ₦1.853 billion from ₦1.707 billion in the corresponding period of 2025. This improvement was achieved even as reported insurance revenue moderated to ₦32.314 billion from ₦40.134 billion, underscoring the importance of stronger service-result contribution and disciplined management of insurance-related costs.

Insurance service expenses reduced to ₦14.349 billion from ₦18.307 billion, while net expenses from reinsurance contracts held declined to ₦16.112 billion from ₦20.119 billion. These movements supported the stronger insurance service result and point to progress in managing the cost and risk structure of the underwriting portfolio.

Investment return increased by 26% to ₦1.731 billion, compared with ₦1.377 billion in the prior-year period, providing an important additional contribution to earnings. Total assets expanded by 69% to ₦41.272 billion, while total equity rose by 50% to ₦21.526 billion.

Cash and cash equivalents stood at ₦15.934 billion at 30 September 2026, compared with ₦5.063 billion at 30 September 2025. Net cash flows from operating activities increased to ₦664.5 million from ₦175.8 million. The cash flow statement also reports proceeds of ₦5.022 billion from the issue of share capital during the period.

The Company’s reported insurance revenue reflects activity across a broad range of non-life insurance classes, including Energy, Motor, Fire & Property, Marine, General Accident, Contractors’ All Risks & Engineering, Bond and Aviation. Energy contributed approximately ₦10.659 billion of reported insurance revenue, followed by Motor at ₦6.406 billion, Fire & Property at ₦5.174 billion and Marine at ₦3.205 billion. This spread across personal, commercial and specialist risk categories provides a platform for serving a wide range of customer protection needs.

According to the Head, Corporate Communications & Corporate Planning, Mensah Simon, the Company’s improved earnings and expanded balance sheet reinforce its commitment to building a dependable insurance partner for individuals, businesses and institutions. For brokers, agents and business partners, its diversified product capabilities and branch footprint provide opportunities to deepen relationships and deliver tailored risk-protection solutions. For shareholders and the investment community, the substantial year-on-year improvement in profit, equity and asset base demonstrates positive financial momentum.

The Company remains focused on strengthening underwriting performance, growing quality business and sustaining prudent risk management. It will continue to pursue customer-centred service, operational effectiveness and long-term value creation.

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The highly anticipated annual event, organised by Almond Productions Limited, is expected to attract leading personalities, industry professionals and other distinguished guests from within and outside the insurance sector.

Preparations for this year’s edition have been ongoing for over six months, generating considerable interest across the insurance industry and beyond.

Speaking in a press release, the Head of the Awards Team and Chief Executive Officer of Almond Productions Limited, Ms. Faith Ughwode, said the organisers had gone above and beyond to ensure that guests enjoy a memorable experience.

According to her, the organisers have lined up some of the finest entertainers in the music and comedy industries to add excitement and glamour to the occasion.

The Almond Insurance Industry Awards is an annual platform dedicated to recognising and celebrating individuals and organisations whose contributions are making a significant difference in Nigeria’s insurance ecosystem.

The 2026 edition is expected to bring together key industry stakeholders and dignitaries for an evening of recognition, networking, entertainment and celebration of excellence in the insurance sector.

The event will be strictly black-tie, with guests expected to appear in formal evening attire.

Ms. Ughwode also emphasised that admission to the event would be strictly by ticket, urging prospective attendees to make the necessary arrangements ahead of the ceremony.

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The second edition of the fair, themed “For the Love of the NaijaLifestyle”, ended on Sunday, 25 October, bringing together 100 businesses alongside consumers, lifestyle enthusiasts, content creators and celebrities. Throughout the event, vendors reported a steady flow of visitors to their booths, with many recording sales, meeting new customers and growing their social media following. 

For some exhibitors, it was their first exhibition showcase, and the results exceeded their expectations, as shown by the sales they made, the new customers they met and the visibility they gained from taking part in the fair. 

Speaking on the initiative, Niyi Abiola, Head, Corporate Services, Leadway Group, said the fair was created to give small businesses a platform to showcase their products and connect with consumers. 

“Lifestyle is an important part of how people live, connect and engage with the world around them. With the Leadway Lifestyle Fair, we wanted to create more room for businesses to showcase what they do and reach more people. Having grown from about 25 vendors in our first edition to 100 this year, we are encouraged by the response and look forward to making the experience even bigger in the years ahead,” Abiola said. 

Olusakin Labeodan, Managing Director/Chief Executive Officer, Leadway PFA speaking on behalf of Leadway Group, said the fair reflects the Group’s wider approach to building relationships with its customers beyond the financial solutions it provides. 

“The growth of the fair from its first edition to this year’s event shows the value of creating platforms that bring businesses and consumers together. At Leadway, our relationship with customers goes beyond the financial solutions we offer across insurance, pensions, wealth management, trusteeship, health and hospitality. We also recognise the importance of being part of their everyday experiences, and lifestyle is a significant part of that,” Labeodan said. 

With the number of participating businesses growing fourfold in a year, the Leadway Lifestyle Fair has quickly become a meeting point for Nigerian entrepreneurs and the consumers they serve. LeadwayGroup said it will continue to expand the platform in future editions, allowing more small businesses to reach new customers, grow their brands and celebrate the creativity that defines the Naija lifestyle. 

About the Leadway Group 

The Leadway Group is a diversified financial services ecosystem offering comprehensive retail and corporate non-banking financial solutions. Spearheaded by its non-operating holding entity, the Group provides a unified portfolio of cross-functional services through its market-leading associate companies: general and life insurance (Leadway Assurance), pension fund administration (Leadway PFA), corporate trusteeship and estate planning (Leadway Capital & Trusts), investment portfolio advisory (Leadway Asset Management), and health management (Leadway Health).  Driven by discipline and continuous innovation, Leadway Group is committed to securing future financial freedom and health outcomes for millions of customers across West Africa. 

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